Watson & Associates Plans $100-Million Idaho Retail Center : Development: Largest project ever for the Seal Beach firm will be built in a high-growth area east of Spokane.
SEAL BEACH — Watson & Associates, a Seal Beach retail developer primarily known for small strip centers and medium-sized neighborhood shopping centers, is planning a $100-million, 1-million-square-foot “power center†retail development on 600 acres in Post Falls, Ida.
“We ended up with a great piece of property,†owner Jim Watson said Friday. The land fronts two miles of Interstate 90 between Spokane, Wash., and Coeur d’Alene, Ida., a fast-growing corridor that has been among the nation’s top residential real estate markets for the past three years.
Watson acquired 200 acres for an undisclosed price from a private individual in 1991. Last week, he acquired an option to buy an additional 400 acres from the Jacklin Seed Co. in Post Falls.
Much of the growth in the Post Falls area is from an influx of California residents and employers relocating there, Watson said. About 460,000 people live within a 35-mile radius of the site.
Watson plans a retail center with several large tenants, each occupying more than 100,000 square feet of space. The types of tenants that would occupy the power center are mega-retailers that dominate their segments of the market, such as Toys R Us or Circuit City. Watson said he is already discussing preliminary plans with five such tenants, although none has yet signed an agreement.
The development would also include a discount factory outlet mall, automotive center, one or more motels, an entertainment area and light manufacturing facilities.
“Without a doubt, it is the largest development we’ve done,†Watson said. In the past, Watson & Associates projects have ranged from half an acre to eight acres in size. The company is going through the city approval process and expects to begin site work within five months for the project, which would take 10 to 20 years to complete.
Watson & Associates, which has 15 employees, has been in retail development since 1971. It owns about half a million square feet of retail space in Orange County, including the Bay City Center and Ocean Plaza office/retail developments in Seal Beach. The company also owns retail property in Oregon and Washington.
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